The first Board of Governors meeting of the BRICS New Development Bank was held in.....on July 7, 2015, where the Bank formally came into existence as a legal entity.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The first Board of Governors meeting of the BRICS New Development Bank was held in____on July 7, 2015, where the Bank formally came into existence as a legal entity.

A	Brazil
B	Russia
C	South Africa
D	India

Explanation:

Detailed explanation-1: -On 11 May 2015, K. V. Kamath was appointed as the President of the bank. The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank.

Detailed explanation-2: -The establishment of a new Development Bank was considered by the BRICS leaders. BRICS leaders agreed on the feasibility of establishing the NDB. The Agreement for establishing NDB was signed during the sixth BRICS Summit in Fortaleza by the leaders. Inaugural meeting of the NDB Board of Governors held on 7 July 2015.

Detailed explanation-3: -Detailed Solution: On 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank.

Detailed explanation-4: -K.V. Kamath from India was the first President of the NDB (2015-2020).

There is 1 question to complete.